Japan, UAE Conclude Free Trade Negotiations

Tokyo, March 5 (Jiji Press)--Japan and the United Arab Emirates have concluded negotiations on a comprehensive economic partnership agreement for free trade, Japan's Foreign Ministry said Thursday.

The UAE will eliminate its tariffs on major finished vehicles imported from Japan within seven years of the pact's entry into force.

It is Japan's first EPA with a Middle East country. Japan aims to capture demand in the UAE, a key Middle East nation with a growing economy.

South Korea, which concluded a CEPA with the UAE before Japan, will see the UAE's automobile tariffs abolished within 10 years of its effectuation. The South Korea-UAE pact has yet to take effect.

Japanese automakers currently have the top share of the UAE's vehicle market, while South Korean rivals are trying to catch up.

[Copyright The Jiji Press, Ltd.]